Following another sell-off in tech stocks, the Nasdaq Composite (NASDAQINDEX:^IXIC) is now on the verge of a correction as the index is down roughly 8% from its closing peak. On Friday, the trigger was underwhelming earnings reports from a slew of tech companies like Amazon, Intel, and Sandisk, offering the latest evidence that investors have grown weary with the AI trade. Amazon joined its hyperscaler peers like Alphabet, Microsoft, and Meta Platforms in falling in response to earnings, a sign that investors have become skeptical of the massive capital spending taking place in the cloud computing industry. Combined, these four companies are set to spend more than $700 billion this year. The world has never seen an infrastructure build-out of that size.
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